How Patient Financial Engagement Improves the Patient Experience and Provider Revenue
Insights from the 2021 CarePayment Member Survey
To understand the impact of financial engagement on both providers and consumers, CarePayment commissioned a study of 2,500 of their members who are currently enrolled in CarePayment’s 0.00% APR patient financing solution. The 2021 CarePayment Member Survey, conducted by Porter Research, validated that a long-term, interest-free financing solution builds provider loyalty and trust and increases patient satisfaction.
When done in a compassionate manner, financial engagement increases patient satisfaction, while increasing collections for the provider.
The study findings identified three key elements of compassionate financial engagement:
- Long-term, interest-free financing
- Commitment to patient satisfaction
- Personalized and customized engagement
This white paper reveals how patient financial engagement enhances the patient experience and improves a provider’s bottom line. In this paper, we’ll take a look at:
- Effect of rising patient out-of-pocket costs and COVID-19 on healthcare decisions and affordability
- How much time consumers need to pay their medical bills
- Impact of interest-free programs vs. a traditional interest-bearing financing programs on patient satisfaction and provider revenue
- Financial benefits for providers of compassionate financial patient engagement
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